本文關(guān)鍵詞：管理者過(guò)度自信、非效率投資和企業(yè)價(jià)值　出處：《廣東財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：近幾年來(lái)制造業(yè)出現(xiàn)大規(guī)模產(chǎn)能過(guò)剩的現(xiàn)象，究其原因是企業(yè)非效率投資行為所致。經(jīng)典金融學(xué)從信息不對(duì)稱和委托代理視角解釋這種行為，但它們建立在理性人假設(shè)的基礎(chǔ)上，未考慮決策主體的非理性因素。行為金融學(xué)認(rèn)為管理者普遍存在著過(guò)度自信的心理偏差，決策主體的這種非理性特征可能影響企業(yè)的投資行為。 本文以2009-2012年制造業(yè)上市公司高管為研究對(duì)象，從過(guò)度自信的視角解釋了這種異象，驗(yàn)證管理者過(guò)度自信和自由現(xiàn)金流共同影響非效率投資；以自由現(xiàn)金流水平為分組依據(jù)，探尋管理者非理性因素影響企業(yè)非效率投資及企業(yè)價(jià)值的途徑。主要得出以下結(jié)論：（1）在自由現(xiàn)金流充裕時(shí)，高管自信水平提高會(huì)加劇投資過(guò)度程度；在自由現(xiàn)金流不足時(shí)，高管自信水平提高在一定程度上導(dǎo)致投資不足。（2）我國(guó)制造業(yè)上市公司的非效率投資程度與企業(yè)價(jià)值表現(xiàn)為非線性的顯著負(fù)相關(guān)。（3）企業(yè)非效率投資水平和企業(yè)價(jià)值的關(guān)系受管理者自信水平和自由現(xiàn)金流水平的影響。 創(chuàng)新點(diǎn)主要體現(xiàn)在：第一，從管理者過(guò)度自信的視角解釋制造業(yè)存在的非效率投資行為，突破了傳統(tǒng)金融的理性人假設(shè)；第二，考慮管理者非理性因素，對(duì)非效率投資行為和企業(yè)價(jià)值的關(guān)系進(jìn)行闡釋，，建立了管理者過(guò)度自信、非效率投資和企業(yè)價(jià)值三者的邏輯關(guān)系。
[Abstract]:In recent years, the phenomenon of large-scale overcapacity in manufacturing industry is due to the inefficient investment behavior of enterprises. Classical finance explains this behavior from the perspective of information asymmetry and principal-agent. However, they are based on the assumption of rational people and do not take into account the irrational factors of decision makers. Behavioral finance believes that managers generally have psychological deviations of overconfidence. The irrational characteristics of decision-makers may affect the investment behavior of enterprises. This paper takes the executives of listed manufacturing companies from 2009-2012 as the research object, explains this anomaly from the perspective of overconfidence, and verifies that both manager overconfidence and free cash flow affect inefficient investment. Based on the level of free cash flow, this paper explores the ways for managers' irrational factors to influence the enterprise's non-efficiency investment and enterprise value. The main conclusions are as follows: 1) when the free cash flow is abundant. The higher level of senior confidence will aggravate the degree of overinvestment; When free cash flow is insufficient. To a certain extent, the improvement of senior executives' confidence level leads to underinvestment. (2) there is a significant negative correlation between the degree of inefficient investment of listed manufacturing companies and the performance of firm value. The relationship between the level of inefficient investment and the value of enterprise is influenced by the level of confidence of managers and the level of free cash flow. The innovation points are as follows: first, explain the inefficient investment behavior in manufacturing industry from the perspective of manager overconfidence, breaking through the rational man hypothesis of traditional finance; Secondly, considering the irrational factors of managers, the relationship between inefficient investment behavior and enterprise value is explained, and the logical relationship among managers' overconfidence, inefficiency investment and enterprise value is established.
【學(xué)位授予單位】：廣東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F272.91;F406.7;F425

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